Silver Price Analysis: XAG/USD bulls stay hopeful below $23.00

  • Silver remains on the recovery mode, reversing late Friday’s pullback.
  • Sustained break of 100-SMA, firmer RSI favor bulls.
  • Three-week-old horizontal area, 200-SMA become strong resistances to watch.

Silver (XAG/USD) begins the trading week with an uptick to near $22.70. The bright metal poked the highest levels since mid-September the previous day before easing from $23.20.

Even so, the quote’s ability to stay beyond the 100-SMA amid firmer RSI conditions helps the commodity buyers to stay hopeful.

However, a short-term horizontal area precedes the 200-SMA, respectively around $23.15-25, to challenge the XAG/USD bulls before giving them controls.

Following that, $24.00 and $24.30 may probe the upside momentum prior to highlighting the last month’s peak near $24.85.

Meanwhile, pullback moves remain less destructive until silver prices remain beyond the 100-SMA level of $22.47.

Also acting as the downside filter is the previous resistance line from September 07, near $21.80 by the press time.

Silver: Four-hour chart

Trend: Further recovery expected

Additional important levels

Today last price 22.67
Today Daily Change 0.00
Today Daily Change % -0.00%
Today daily open 22.67
Daily SMA20 22.68
Daily SMA50 23.49
Daily SMA100 24.99
Daily SMA200 25.64
Previous Daily High 23.19
Previous Daily Low 22.44
Previous Weekly High 23.19
Previous Weekly Low 22.21
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.9
Daily Fibonacci 61.8% 22.72
Daily Pivot Point S1 22.34
Daily Pivot Point S2 22.01
Daily Pivot Point S3 21.59
Daily Pivot Point R1 23.1
Daily Pivot Point R2 23.52
Daily Pivot Point R3 23.85



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